Published March 2, 2018 • 1 Min Read
Looking for the home of your dreams? Many homeowners think the first step to home ownership is to begin researching the market, but even before you begin your search, it’s a great advantage to pursue pre-qualification for a mortgage from RBC.
“Pre-qualified” simply means that you’ve reviewed your financial situation with an RBC Mortgage Specialist and you know exactly what you can afford to spend on a home (including purchase price, down payment, legal fees and other closing expenses). It also means you know how much you can borrow based on your current financial situation.
Pre-qualification carries no cost or obligation to purchase; it simply acts as an indicator that can help you focus on homes within your price range since you’ll know in advance what your mortgage payments may be. With your pre-qualification, you can shop and negotiate with confidence and avoid the disappointment of finding the perfect home only to learn that you don’t qualify for the mortgage.
If you’re buying your first home, constructing a new property or undertaking renovations, count on an RBC Mortgage Specialist for all the advice you need.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
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